As previously reported, Sandler O'Neill analyst Jeffery Harte upgraded Morgan Stanley to Buy from Hold with an unchanged price target of $48, citing valuation. The stock is up just 2% year-to-date, which "meaningfully" lags universal bank peers, leaving the stock trading at what he believes to be an "unwarranted" discount. The shares have risen in 15 of the last 20 fourth quarters as investor shift their from a seasonally slow quarter to the seasonally strong first quarter that will be coming, noted Harte ahead of the company's upcoming Q3 earnings report.